Experts Identify Solana, Sui, and Near as Resilient Against Quantum Attacks

Modern blockchain networks such as Solana, Sui, and Near exhibit greater security against the risks posed by quantum computers compared to Bitcoin and Ethereum. This conclusion has been reached by analysts from Mysten Labs.

The two leading cryptocurrencies operate on ECDSA, which is theoretically susceptible to quantum attacks. The Shor’s algorithm can derive private keys from public ones. The resilience of ECDSA also hinges on the randomness quality during signature generation, introducing risks due to potential implementation errors.

In contrast, algorithms like EdDSA, used in Solana, Sui, and Near, provide better security: they utilize Edwards curves, do not require randomness for signing, and are more easily adaptable to post-quantum cryptography.

According to Mysten Labs co-founder Kostas Halkias, quantum computers “could potentially undermine all modern cryptography.” Hence, there is growing pressure on blockchain systems, including from corporate entities.

Major corporations and entire nations are increasingly building reserves of Bitcoin and Ethereum, and they too need to consider strategies for safeguarding their investments.

“Governments are well aware of the risks that quantum computing presents. Various agencies around the globe have already issued directives indicating that outdated encryption systems like ECDSA and RSA must be phased out by 2030 or 2035,” Halkias commented in an interview with Decrypt.

Currently, quantum computers lack the power to compromise the networks of Bitcoin and Ethereum. However, Professor Ahmed Banafa from San Jose State University emphasized the importance of preparing for this eventuality.

Transitioning to quantum-resistant algorithms will necessitate a hard fork, which would entail changing addresses and migrating funds. Nevertheless, the expert recognized that the likelihood of such an upgrade is slim due to differing opinions within the community:

“This is reminiscent of Ethereum’s hard fork in 2015 [which led to the emergence of Ethereum Classic]. It’s plausible that Bitcoin could face a similar situation: a faction of users may demand an alternative approach and refuse to accept the proposed updates.”

Another challenge is the vast number of wallets that have been established within the two largest cryptocurrency networks.

“The primary difficulty will be in the execution. If users fail to update or secure their accounts, they could pose a risk to the entire blockchain. And if they consequently lose funds, they may attempt to blame the network,” Banafa added.

It’s worth noting that in July, a group of developers discovered a method to shield Bitcoin from potential threats posed by quantum computers.